A money-saving mindset is always a desirable trait. But when you have something to save for, a few pennies a day will no longer cut it. This is especially true when you want to buy a new car.
Say, for example, that you’ve set your sights on a hatchback worth USD$22,000. If you save at least USD$10 a day, you should be able to save up enough money to purchase the car within five years. Unfortunately, not everyone is a money-saving expert, and five years is quite a long time. There’s a good chance you’ll decide to take out a loan before you can even reach half your goal.
But if you think you’re doing everything you can to save money, you’ve got another thing coming. Apart from what you’re doing right now, there are countless other steps you can take to further increase the money you save every day.
Read on to find out what those are.
1. Open A Savings Account
Before anything else, you need to make sure that the finance for your car, a.k.a. your savings, is kept in a safe place. This is to ensure it doesn’t go anywhere other than to your future new vehicle.
Opening a savings account is perfect for that purpose. Moreover, since savings accounts typically have an interest rate, the money you deposit would increase little by little, so it’s also another way of saving or earning money. For that reason, not only should you start a savings account, but you must also look for one with a high interest rate.
2. Cook For Yourself
One of the most viable ways of saving money is cooking for yourself instead of getting take-out every day of the week. The difference in expense between the two is considerable, and you also get to learn how to prepare all kinds of meals. If you’re too busy with work to cook lunch, you should at least consider cooking breakfast and dinner or preparing them ahead of time every weekend.
3. Sign Up For Memberships And Discount Programs
Grocery shopping provides you with an opportunity to save money for the car you want. By signing up for store memberships and programs, you should be able to get your hands on coupons that’ll give you access to massive discounts. You can do this by accepting the offer of the cashier whenever they mention loyalty programs. Discount cards are applicable to everything from appliances to household items to fresh produce.
4. Prepare Meals Based On Items On Sale
Another way to save money on your food is by scheduling your meals depending on the items currently on sale. For example, if your local grocery store has placed a discount on chicken meat, consider buying the meat in bulk and freeze it in your fridge. You can then center your meals around this particular ingredient for the entire week.
5. Get A Credit Card For Rebates
If you’re not yet in possession of a credit card, consider getting one right now. Having a credit card means you’re eligible for rebates for different types of goods and services. For instance, if you spend a lot of money on gasoline for your current vehicle, there should be some sort of rebate program in your local gas station that can help you save at least 5% of the money you spend.
6. Rent Movies Instead Of Going To The Theater
When saving money, you have to settle for your needs and steer away from your wants, at least for a while. One example of a want is going to the theater to watch films. Instead of doing that, you can rent movies online. Since the latest releases tend to cost a lot in the beginning, you should opt for slightly older films or wait a few months for the new film you’re after to be available at a regular price. You can also consider looking for a free or cheap streaming service for entertainment.
7. Negotiate For A Lower Price
Take note that when purchasing a car from a car dealer, you always have the right to haggle or negotiate for a lower price. Although you might not have experience with haggling, it’s still worth a try, especially since you can potentially save up to USD$1,000 on your purchase right there and then.
When haggling, experts suggest doing negotiations over the internet, email, or the phone. Doing so allows you to get more comfortable during the negotiations, and the seller is often more flexible.
Saving money might’ve become part of your lifestyle due to your goal of buying a new car, but it’d do you well if you kept your money-saving mindset even when the transaction has ended. After all, car ownership can be quite expensive as you’ll have to deal with recurring costs such as gasoline, maintenance, repairs, and licensing. Saving up can bring substantial benefits, especially if you’re still adapting to the expenses your new car entails.